If you want to operate legally, then it is a necessity to complete various Colorado business taxes that apply to your line of business. As there are numerous requirements to fulfilling Colorado business taxes, and you can use this guide to find out what they are.
As a business operating in the state, you are required to comply with the requirements for Colorado Business Income Tax. Also called corporate income tax in Colorado, it is a must to process this requirement. You can refer to this NOLO guide for business income tax rates, policies, and restrictions.
The Colorado Federal Tax Forms guide found at the State of Colorado website is your number one resource for all tax forms. Aside from the different forms available for different types of businesses, the page also provides specific instructions for these taxes. Other supplementary resources in connection with taxes are also provided on the page.
As a new business owner, you might hire employees in the future. In this case, you might have to look into paying Unemployment Insurance Tax as per the state’s regulation. There are certain criteria for your business to qualify for this specific tax, so look into it carefully. Use this guide for reference when it comes to Unemployment Insurance Tax.
Certain types of businesses are also required to comply with the requirements on Colorado Sales and Use Tax. Depending on the nature of business, use this reference guide to check the rulings on sales/use tax.
Complying with business tax requirements is definitely not one of the most enjoyable tasks when starting a business in Colorado, but as it is a must.
For managing Colorado business taxes easier, here are a couple tools you can utilize. This tools are not mandatory for all businesses, but it makes for a more stress-free compliance of tax requirements.
FreshBooks, Xero, and QuickBooks are small business accounting softwares that will simplify the accounting process for you. They help you keep track of your finances, taxes, and expenses – on a budget. Visit each review and start a free trial to see which is right for you.
This article should not be taken as a legal advice on business taxes. This only serves as an informational guide and should be treated as such. Talk to an accountant to discuss the intricacies of Colorado business taxes or starting a new business in Colorado.